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Will Turn-Around Tuesday Live Up To Its Name Following Bullish Breakouts?

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Dear Traders,

It has been a profitable trading day for both euro and sterling bulls. The euro rose to a five-week high against the dollar and we were thus able to book a good profit by trading our long signal yesterday.

Trading the bullish breakout in the GBP/USD went also very well and the big question among traders is now whether there will be further gains. While momentum is still undeniably bullish, the pound is at overbought levels in larger time frames and traders should therefore prepare for pullbacks in short-term time frames. As long as the pound remains above 1.42 we favor a bullish stance, targeting at higher levels at 1.43 and 1.4350. If the pound falls below 1.4190 we expect it to extend its slide towards 1.4150 and 1.41.

The same is true for the EUR/USD: The euro remains in overbought territory and traders should therefore anticipate upcoming corrections. If the euro remains trading between 1.2490 and 1.24 a short-term uptrend channel remains intact. If the euro, however, drops back below 1.2350, the bias shifts from bullish to neutral.

Moreover, traders should bear in mind that today is Tuesday and while this is a normal weekday the so-called ‘Turnaround Tuesday’ often lived up to its name after significant price breakouts on Monday. In a nutshell, watch out for potential reversals today.

The only piece of economic data will be U.S. Consumer Confidence due at 14:00 UTC.

Daily Forex Signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co

 

Euro And Cable Fall In Thin Trading

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Dear Traders,

Trading was quiet on Monday with the euro and cable trading within tight trading ranges. Only at the end of the trading day, prices gathered momentum. The euro fell in thin trading below 1.1160 and headed towards 1.11. The cable dipped slightly below 1.28 but was able to hold above that support level. We now expect the 1.2760-level to lend some short-term support to the pound. Above 1.2865 however, the pound could head for a test of 1.2950/60.

EUR/USD

The euro broke below the 1.1160-support and as a result, bearish momentum accelerated. The euro might tend to test the 1.11-threshold before we see a reversal. On the upside we see a resistance at 1.1170 until which potential gains could be limited while on the bottom side, a crucial support area is currently seen at around 1.1080.

Important economic data for today:

12:00 EUR German Consumer Price

12:30 USA PCE Report

14:00 USA Consumer Confidence

(Time zone: UTC)

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

Trump’s Promises Are Not Enough To Lift The USD

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Dear Traders,

There is still nothing new to report at this time. No trend, no breakout and consequently no sustained profit. It is thus difficult for day traders to benefit from directionless market swings.

When will a breakout finally come? This is the key question amongst traders and the answer could lie in President Trump’s speech to the joint-session of Congress today. His speech could be a catalyst as long as he provides enough details about his purported stimulus plan. During a speech on Monday, Trump promised that “we’re going to start spending on infrastructure, big”, without giving any details but promises alone are not enough to put an end to the dollar’s lethargy. With no reassuring details the greenback could suffer further pullbacks. Either way, we will prepare for higher volatility during his speech and hope for some larger market moves.

Trump’s speech is set for today at 21:00 ET (Wednesday morning 2:00 a.m. UTC).

The euro rose against the greenback but gains were limited to a high of 1.0630. EUR/USD bulls shall now wait for a break above 1.0620 and 1.0660 whereas bears may profit from a downside break of 1.0520. If Trump delivers details on his spending plans, we could see the euro free-falling against the dollar.

The British pound initially dropped against the dollar on reports that PM Theresa May’s team is preparing for Scotland to potentially call for an independence referendum. However, the impact was short-lived and the pound ended the trading day virtually unchanged against the dollar. We still wait for a break below the important support at 1.2380 in order to sell sterling towards 1.2250. On the upside, the 1.2550/70 level remains a crucial resistance for sterling bulls.

Before Trump’s address to Congress, we will watch important economic data such as the U.S. GDP figures, due at 13:30 UTC, followed by Consumer Confidence at 15:00 UTC.

We wish you good trades!

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

 

 

U.S. Presidential Debate In Full Swing But Investors Remain Risk-Averse

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Dear Traders,

This week started with some volatile swings in the Forex market with GBP/USD being the most volatile currency pair on Monday. The British pound dropped again towards its current support at 1.2910 before it started a relief rally. The cable has been torn between the rising fears of a “hard Brexit” and the weakening dollar.  The euro, however, rebounded against the U.S. dollar and the pair tested its resistance zone around 1.1275/85. As stated in yesterday’s analysis euro bulls should better wait for prices above 1.13 and even better above 1.1350. As long as the euro remains below 1.13, our focus shifts to a break of the 1.12-support.

The pound sterling traded volatile during the Asian session as the first U.S. presidential debate is in full swing. A Clinton win is seen as dollar-positive while a Trump victory would lead to chaos in the markets and has not yet been priced in. Investors remain risk-averse in the run-up to the presidential election in November and seek safe havens. Recent polls show a close head-to-head contest between the two candidates.

Apart from the U.S. debate and safe haven flows, U.S. Consumer Confidence, due at 14:00 UTC could have an impact on the greenback.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2016 Maimar-FX.

www.maimar.co